ALO05: Better than Alpha ft. Chris Schelling
Top Traders Unplugged
Is That the Right Time Frame to Analyze Managers?
What do you think is the right time frame to be analyzing managers over? I mean, as long as possible. What i love to see is ten years worth of ike pre fund track record. You can get a really good insight into what this manager actually did with real money somewhere else.
In this episode, Alan Dunne is joined by Chris Schelling, Chief Investment Strategist at Venturi Private Wealth and author of the book “Better Than Alpha”, to discuss asset allocation and how assets are managed in the private space vs institutional space, about disrupting the 60/40 model and formulating a new standard, the evolution of the industry over the years, the role of liquidity in asset allocation, the use of Alpha and Beta in investment, what it takes to be a skilled manager and the risk of manager selection.
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In this episode, we discuss:
- How are assets managed in the private space vs institutional space
- Biases in asset allocation and how to overcome them.
- Using Alpha, Beta and other investment strategies
- Due diligence and things to avoid in the process
- The risks of manager selection and what it takes to be a good manager.
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Episode TimeStamps:
00:00 - Intro
03:23 - About Chris’s background and his role at Venturi
12:45 - Disrupting the 60/40 model and formulating a new standard
17:54 - How the industry has evolved over the years
21:56 - Is private equity less risky?
23:43 - Is liquidity being more or less valued as it should be?
27:39 - Alpha, Beta and mapping strategies into categories
32:37 - Dispersion and persistence of returns
36:30 - How to set objectives and make decisions
40:14 - Overcoming biases
44:20 - Dealing with randomness
47:33 - Important skills managers need to have
54:29 - Timeframe for analysing a manager’s performance
57:46 - Things to avoid in the due diligence process
01:00:14 - Risks within manager selection
01:03:00 - How much experience do you need?
01:05:09 - Advice for working with asset allocation and manager selection
01:06:12 - Book recommendations
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